First Guardian Master Fund

We are investigating potential claims for investors exposed to losses in the First Guardian Master Fund.

What happened

Many investors were advised to direct superannuation savings into First Guardian via major super platforms, marketed as diversified fixed-income options. Recent disclosures indicate the fund was largely illiquid and asset values may have been overstated. ASIC and liquidators have flagged material risks to recovery.

Why platform trustees matter

Super platforms overseen by trustees such as Equity Trustees, Netwealth, and Diversa approved menu access to First Guardian. Remediation may be available from trustee reserves depending on circumstances and how investments were held.

ORFR explained: The Operational Risk Financial Requirement is an APRA-mandated reserve that super funds hold for operational risk events. Some argue ORFR could be used to remediate affected members. Outcomes are not guaranteed and trustee positions vary.

SMSFs: Investors who used SMSFs are generally outside ORFR pathways but may have other avenues.

Note: Publicly announced refund programs relating to other products (e.g., Shield) are separate. They do not determine outcomes for First Guardian.

Other recovery avenues

• Liquidations: Updates suggest insufficient assets for full repayment, so platform-level or advice-related remedies may be more realistic.
• ASIC, AFCA, and licensee responsibility: Potential claims may engage duties around due diligence, misleading or deceptive conduct, best-interest duty, conflicted remuneration, and oversight failures across advisers, licensees, promoters, and research ratings.
• Compensation Scheme of Last Resort (CSLR): May assist some victims after an AFCA determination, but is capped at $150,000 and managed-investment-scheme scope limits apply.

Scale of impact

~6,000 First Guardian investors. ~$590 million at risk.

What we need from you

Please register and we will discuss with you the following areas that will help us to investigate.

• Fund PDS, statements, updates
• Super platform communications and statements
• SOAs/ROAs and adviser correspondence
• Any marketing or lead-generation materials received

Our assessment focus

Viability of claims against super trustees and platform operators, including ORFR remediation options

Claims against advisers, licensees, promoters, and research/gatekeeper entities

Strategy: class action vs individual complaints based on platform, advice channel, and timing

Next steps

Register your interest to receive updates and a document checklist.